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TMI Blog2018 (7) TMI 369X X X X Extracts X X X X X X X X Extracts X X X X ..... rs. 2. Briefly stated facts of the case are as follows:- The assessee is a co-operative society. For the assessment years 2012-2013 and 2013-2014, the assessee did not file the returns of income as per the provisions of section 139 of the I. T. Act. Therefore, the Assessing Officer issued notices u/s 148 of the I. T. Act on 31. 03. 2015 for both the assessment years, i. e. , Asst. Years 2012-2013 and 2013- 2014. In response to the notices issued u/s 148, the assessee did not file the returns of income. Therefore, the Assessing Officer completed the assessments u/s 144 r. w. s. 147 by estimating the total income at Rs. 10, 78, 506 and Rs. 11, 59, 950 for assessment years 2012-2013 and 2013-2014, respectively. 3. Aggrieved by the assessmen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... upra) the assessee is entitled to deduction u/s 80P(2) of the I. T. Act irrespective of the fact that the return was filed belatedly. 5. The learned Departmental Representative present supported the orders of the Assessing Officer and the CIT(A). 6. We have heard the rival submissions and perused the material on record. Admittedly in this case, the assessee has not filed the returns of income pursuant to the notices issued u/s 148 of the I. T. Act. Therefore, the assessments were completed u/s 147 r. w. s. 144 of the I. T. Act denying the claim of deduction u/s 80P(2) of the I. T. Act. It is now submitted that the assessee has filed the returns of income for assessment years 2012-2013 and 2013-2014 when the appeals were pending before the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s 80A(5) and 80AC, of which section 80A(5) is a provision inserted through the Finance Act 33/2009 with effect from 1. 4. 2013 after the insertion of section 80AC as per the Finance Act of 2006 with effect from 1. 4. 2006. This clearly evidences the legislative intendiment that the inhibition contained in subsection 5 of section 80A would operate by itself. In cases where returns have been filed, the question of exemptions or deductions referable to section 80P would definitely have to be considered and granted if eligible. 20. Here, questions would arise as to whether belated returns filed beyond the period stipulated under section 139(1) or section 139(4) as well as following sections 142(1) and 148 proceedings could be considered for e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... can also be accepted and acted upon provided further proceedings in relation to such assessments are pending in the statutory hierarchy of adjudication in terms of the provisions of the IT Act. In all such situations, it cannot be treated that a return filed at any stage of such proceedings could be treated as non est in law and invalid for the purpose of deciding exemption under section 80P of the IT Act. We thus answer substantial questions of law Band C formulated and enumerated above. " 6. 2 In para 21 of the judgment, the Hon'ble High Court has categorically held that return filed beyond the period stipulated u/s 148 can also be accepted and acted upon provided further proceedings in relation to such assessments are pending in the st ..... X X X X Extracts X X X X X X X X Extracts X X X X
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